Their online banking seems attractive, but it has a fatal flaw.
It doesn't show a running balance with each transaction, just a mythical 'available balance', and a long list of 'pending' transactions. The trouble is, the pending transactions become actual at different times. In particular, any debits become actual before any credits. So, if you have a large pending deposit of, say, your salary, a few small transactions that come through first can take you overdrawn. Wells Fargo will then charge you $33 per transaction for these overdraft transactions. The $33 doesn't pend at all, it just disappears from your account into their profits, along with all the interest they are earning on 'pending' your deposits.
As I said, avoid Wells Fargo banking.
Technorati Tags: banking, ethics, extortion, Wells Fargo
3 comments:
Suntrust is the same way, I think their overdraft fee is a few dollars less, but nonetheless it's the same principle.
Hi! What an interesting blog! I should say that financial companies at the present time, may be very dangerous. The thing is that a large proportion of such institutions are a fraud. They are established to get money from the clients and then suddenly disappear or go bankrupt. They trick in people by offering high interest rates on the deposit accounts. It is better to give your money to a trusted company, like Wells Fargo, for example. Browse this great site www.pissedconsumer.com for customers’ reports about the company.
I second that: avoid Wells Fargo.
In our case we were approved for a VA loan at 100%. However, the underwriter isn't satisfied and demands things we cannot provide; one of them a new power of attorney so that I can handle things while my husband is in Iraq. *Nevermind* he's been given one alrady and it was fine *before* we finished up his conditions for the 2nd time. Not to mention that most of the drama is from an error on the application that *they* put down. The bank has been stringing us along for so long that my daughter no longer lives with me and I'm at a friend's house quite homeless. It shouldn't matter that our credit scores aren't the best. Approved (not pre-approved) is approved. And a bank error on their part is not something I should have lost my family over.
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